Donald Trump USA Bans Nicolas Maduro’s Petro Coin

The USA’s President Trump has officially banned the Petro Coin.  This is actually encouraging and not unexpected.  To me it speaks volumes that it can work but is working, otherwise there would be no point in banning it.  Apparently it will also be possible to exchange Petro for the Russian Ruble.  As I suspected I feel strongly that the initial funding largely consisted of China, Russia and Iran and that more support will be ongoing once the coin is launched.

As an investor I am a bit frustrated with this ICO (as I am with most these days) because it took way too long to find information about it and individual investors have been locked out.  They really do risk alienating the audience they were targeting as I am getting frustrated and losing interest fast.  However, the prospects for this first state backed coin remain high and will either boom or bust I predict.  And there will probably be a lot more booming considering what is at stake and the support that Venezuela has.

If the US thought the Petro Coin would be worthless and had no hope of succeeding it’s unlikely they would ban it.  Regardless of what we may personally feel, this is a strategic tactic by the US to stop the first country to try to evade sanctions placed on it.  It will be another precedent if Petro succeeds and other sanctioned countries can freely trade in this similar way or ecosystem created by Venezuela.

Ironically Venezuela is helping to keep the cryptocurrency dream alive which is becoming your own bank and that no one has the right to freeze, take or prevent the spending of your money.

Iran Enters The Cryptocurrency Race

This is huge news following the successful pre-sale of Petro Coin (Venezuela’s 733M USD private sale!).  I suspect a lot of those funds came from other states including Iran itself, China, Russia and other allies.

https://www.cnbc.com/2018/02/22/iran-becomes-latest-rogue-state-to-develop-its-own-cryptocurrency.html

I believe it is no coincidence that it comes just on the heals of Petro Coin’s success.

I am very excited at these prospects even moreso than the Petro Coin.  Iran has huge oil reserves and in generally is quite wealthy despite sanctions that it has faced.

When countries move positively to adopt cryptocurrency they really open a floodgate of potential trade and commerce.  This could especially be the case with Iran who has a robust and developed country and economy.

With this announcement and the successful launch of Iran’s coin I believe it could be the next Singapore of the Middle East.

We’ll have to wait and see how this plays out but I wonder if there will be strong co-operation in this development with Venezuela?  Could it be that both countries are vying to be the crypto-kings of their region?  It very well could happen if supporting policies and development are put into place.

From an investment standpoint I believe most would agree this presents an amazing opportunity that we may never see again.